The Westpac Banking Corporation (ASX: WBC) share price is on the rise today.
Westpac shares are rising 1% and are currently trading at $21.40 apiece. For perspective, the S&P/ASX 200 Index (ASX: XJO) is lifting 0.52% today.
Let's take a look at what is going on at Westpac.
New digital push
Westpac shares may be rising today, but they are not alone among ASX bank shares. The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is up 1.92% at the time of writing, while Commonwealth Bank of Australia (ASX: CBA) is 0.59% higher. The National Australia Bank Ltd (ASX: NAB) share price is also up 1.12%.
Today, Westpac advised it has updated its banking app as part of its strategy to build a "digital first bank".
The changes are part of the company's digital strategy outlined in a market update in July. The update follows Westpac's acquisition of budgeting and cashflow tool MoneyBrilliant late last year.
Commenting on the news, consumer and business banking chief executive Chris de Bruin said:
We are building a digital first bank and today's announcement is another step forward in making banking simpler and more intuitive for our five million digitally active customers.
The updated app includes a spend tracker, top expenses feature, and budgeting tool.
In the future, the app will include a carbon tracker, tax help, and the ability to see financial information from other banks.
Westpac research data shows 76% of Australians believe digital banking will help them keep track of their money. De Bruin added:
We want to empower our customers through enabling them to better understand where their money is going to help them reach their financial goals.
Share price snapshot
The Westpac share price has dropped nearly 17% in the past year and is up just 0.37% year to date.
For perspective, the benchmark ASX 200 index has lost nearly 8% in the past year and around 8% in 2022 so far.
Westpac has a market capitalisation of about $75 billion based on the current share price.
